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The 1904-S Morgan Silver Dollar is one of the more elusive and desirable issues in the entire Morgan dollar series, particularly when found in higher grades. As the final year of Morgan dollar production prior to its 1921 revival, the 1904-S represents the end of an era for both collectors and historians. Struck at the San Francisco Mint, this coin is known for its generally poor strike quality and low survival rate in Mint State, making even About Uncirculated examples highly collectible. The present piece, certified AU50 by NGC, is a lightly circulated specimen that retains strong detail and considerable eye appeal, offering collectors an opportunity to acquire a scarce and historically significant issue without the high premiums of a Mint State example.
The Morgan dollar series began in 1878 as a result of the Bland-Allison Act, which mandated the large-scale purchase and coining of domestic silver. Designed by George T. Morgan, the series continued through 1904 and was briefly revived in 1921. The 1904-S issue marked the final year of continuous Morgan dollar production, as the demand for silver dollars had declined sharply. Many silver dollars, including large quantities of the 1904-S, were stored in Treasury vaults or melted under the provisions of the 1918 Pittman Act. This combination of factors has contributed to the scarcity of high-grade 1904-S coins, as relatively few survived in pristine condition, and the date did not benefit from later mass releases of uncirculated coins.
The obverse of the 1904-S Morgan Silver Dollar features a profile of Lady Liberty facing left, designed by George T. Morgan. She wears a Phrygian cap symbolizing freedom, with “LIBERTY” inscribed on a ribbon and adorned with agricultural elements like wheat and cotton, representing national unity. The Latin motto “E PLURIBUS UNUM” arcs above the portrait, while the date “1904” is positioned below. Thirteen stars, one for each original colony, border the lower half. This design was used throughout the Morgan dollar series and is noted for its uniquely American character and stylized yet realistic rendering of Liberty.
The reverse of the coin displays a heraldic eagle with outstretched wings, holding arrows and an olive branch in its talons, symbolizing strength and peace. The eagle is framed by a laurel wreath, and above its head is the national motto “IN GOD WE TRUST.” The surrounding legends read “UNITED STATES OF AMERICA” and “ONE DOLLAR,” with the “S” mintmark just below the wreath, identifying the coin’s origin at the San Francisco Mint. The artistry and symbolism of the reverse design are consistent across the series, and the 1904-S generally reflects the San Francisco Mint’s attention to fine detail, despite some known weaknesses in strike quality for this issue.
The San Francisco Mint struck 2,304,000 Morgan dollars in 1904, a modest mintage compared to many other dates in the series. However, what truly sets the 1904-S apart is its low survival rate in Mint State. Most of the mintage either entered circulation shortly after being struck or was melted in subsequent decades. Very few coins were preserved in bags or Treasury holdings to be released during the silver dollar redistributions of the mid-20th century. As a result, uncirculated examples are scarce, and the date becomes increasingly rare and valuable in higher grades, with MS63 and above considered elusive trophies in the Morgan series.
This example is certified as AU50 by NGC, meaning it is in About Uncirculated condition with only light wear on the highest points of the design. AU50 coins retain the majority of their original detail, with only minor friction visible on Liberty’s cheek, hair, and the eagle’s breast and wing tips. The fields typically show traces of mint luster, particularly in protected areas. Despite not being uncirculated, AU50 coins are favored by collectors who want a visually appealing, well-detailed coin without paying the high premiums associated with Mint State examples. For a tough date like the 1904-S, AU50 represents a very strong and highly collectible grade.
The coin’s surfaces may exhibit a combination of light wear, minor contact marks, and original luster. Strike quality can be variable for this issue, and many examples show softness in the central details, such as Liberty’s hair above the ear and the eagle’s breast feathers. However, the San Francisco Mint generally produced coins with sharper detail than other mints like New Orleans, and some 1904-S coins can exhibit surprisingly strong strikes. A well-struck AU50 with solid luster and even wear is highly desirable and often trades at a premium compared to weaker examples of the same grade.
NGC certification assures collectors that this coin is genuine and accurately graded according to industry standards. Given the value and rarity of the 1904-S, certification is essential for establishing authenticity, especially in a market where counterfeit key and semi-key date Morgans occasionally appear. The encapsulation protects the coin from environmental damage and provides long-term stability for storage, display, and investment purposes. An AU50 coin like this provides a sweet spot of affordability, desirability, and collectibility, making it an excellent acquisition for those seeking a complete date-and-mint set or focusing on rare San Francisco issues.
The 1904-S Morgan Dollar also holds historic significance as one of the last silver dollars produced under the original Morgan series before its temporary discontinuation. The economic and political forces that led to the series’ end—including declining silver demand, monetary reforms, and changes in national priorities—are encapsulated in this issue. For collectors and historians alike, the 1904-S serves as a poignant reminder of the end of an important era in American coinage. Its relative scarcity, particularly in grades above XF, adds to its prestige and positions it as a must-have for any serious Morgan collector.
In the collector market, the 1904-S has maintained strong demand due to its reputation for scarcity and the challenge it presents to those assembling a complete set. While other dates in the Morgan series are more common and affordable in Mint State, the 1904-S offers a much steeper climb. AU50 coins remain one of the most attainable grades for those who value both beauty and budget, especially when the coin exhibits even wear, original surfaces, and solid strike characteristics. Toned examples, if attractively colored, can command even greater attention, although most AU50s exhibit standard silver-gray or light champagne hues.
The Certified Morgan Silver Dollar 1904-S AU50 NGC represents a highly collectible and historically rich coin that balances scarcity, condition, and affordability. As the last of the pre-1921 Morgan issues, it carries with it a sense of closure and legacy. This AU50 example offers collectors an excellent opportunity to secure a key San Francisco issue with strong visual impact, legitimate rarity, and lasting numismatic significance. Whether for a date set, a mintmark focus, or a broader pursuit of American silver dollar history, this 1904-S is an enduring and worthy addition to any serious collection.